Federally Chartered Corporation
Review of the Financial Statement Audit Report for the Civil Air Patrol for Fiscal Year 2001 Gao ID: GAO-04-183R November 21, 2003GAO reviewed the audit reports covering the financial statements of the Civil Air Patrol, for fiscal year 2001. GAO did not review the auditors' working papers and is not rendering an audit opinion. The audit reports included the auditors' opinion that, with one exception, the financial statements of the corporation were presented fairly in accordance with generally accepted accounting principles. The exception related to the units below wing level not being audited and not being included in these financial statements.
GAO-04-183R, Federally Chartered Corporation: Review of the Financial Statement Audit Report for the Civil Air Patrol for Fiscal Year 2001
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Statement Audit Report for the Civil Air Patrol for Fiscal Year 2001'
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November 21, 2003:
The Honorable F. James Sensenbrenner, Jr.
Chairman, Committee on the Judiciary:
House of Representatives:
Subject: Federally Chartered Corporation: Review of the Financial
Statement Audit:
Report for the Civil Air Patrol for Fiscal Year 2001:
Dear Mr. Chairman:
As requested, we reviewed the audit report covering the financial
statements of the Civil Air Patrol, a federally chartered corporation,
for the fiscal year ended September 30, 2001. The purpose of the
corporation is to encourage and foster civil aviation in local
communities and to provide adequate facilities to assist in meeting
local and national emergencies.
Federally chartered corporations are required under 36 U.S.C. §10101
to present the corporation's assets and liabilities and reasonable
detail on the corporation's income and expenses in annual financial
statements, and
obtain an annual financial audit by an independent public accountant.
The objective of our review was to determine whether the audit report
complied with the financial reporting requirements of the law. In
carrying out our work, we reviewed the corporation's financial
statements and the accompanying notes, performed certain analytical
procedures related to information presented in the financial
statements, and reviewed the auditors' report. However, we did not
review the auditors' working papers, and we are not rendering an audit
opinion.
The audit report for fiscal year 2001 included the auditors' opinion
that with one exception, the financial statements of the corporation
were presented fairly in accordance with U.S. generally accepted
accounting principles. The exception related to units below wing level
not being audited and not being included in these financial statements.
The exception is discussed in the notes to the financial statements and
in the auditors' report.
We are returning the audit report you sent with your letter.
Sincerely yours,
Jeanette M. Franzel:
Director
Financial Management and Assurance:
Signed by Jeanette M. Franzel:
w/o Enclosure:
(194360):
